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Sale of Largest Portfolio Driver in Bunker Hill Investment Completed

The stock of ASPEQ Heating Group, LLC was sold to a strategic buyer for approximately $186 million. ASPEQ is a Bunker Hill II investment company.


The company was initially underwritten to be sold in 4Q 2019 and the ASPEQ net proceeds distributed have generated a 1.86x MoIC and a gross IRR of 73.8%, which is in line with our underwriting. A transaction escrow remains and is expected to be released in 2020. This was the largest investment driver in the Bunker Hill investment, which was a part of the Project Baltimore portfolio that Auldbrass acquired in Q3 2018 at an effective price of 80.3%. We anticipate that the remainder of the portfolio investments will perform such that our return expectations will be exceeded.


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